IAU vs. PHYS

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Gold Trust (IAU) and Sprott Physical Gold Trust (PHYS).

IAU is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price. It was launched on Jan 21, 2005.

Performance

IAU vs. PHYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust (IAU) and Sprott Physical Gold Trust (PHYS). The values are adjusted to include any dividend payments, if applicable.

IAU vs. PHYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAU iShares Gold Trust	8.61%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%
PHYS Sprott Physical Gold Trust	7.33%	63.95%	26.43%	12.98%	-1.81%	-4.84%	23.89%	18.14%	-2.64%	12.78%

Returns By Period

In the year-to-date period, IAU achieves a 8.61% return, which is significantly higher than PHYS's 7.33% return. Both investments have delivered pretty close results over the past 10 years, with IAU having a 14.08% annualized return and PHYS not far behind at 13.41%.

IAU

• 1D: 3.80%
• 1M: -11.01%
• YTD: 8.61%
• 6M: 21.15%
• 1Y: 49.53%
• 3Y*: 33.12%
• 5Y*: 21.78%
• 10Y*: 14.08%

PHYS

• 1D: 3.81%
• 1M: -11.73%
• YTD: 7.33%
• 6M: 19.65%
• 1Y: 47.30%
• 3Y*: 31.85%
• 5Y*: 21.17%
• 10Y*: 13.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

IAU vs. PHYS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IAU

IAU Risk / Return Rank: 87
IAU Sharpe Ratio Rank: 88
IAU Sortino Ratio Rank: 86
IAU Omega Ratio Rank: 86
IAU Calmar Ratio Rank: 89
IAU Martin Ratio Rank: 87

PHYS

PHYS Risk / Return Rank: 84
PHYS Sharpe Ratio Rank: 87
PHYS Sortino Ratio Rank: 80
PHYS Omega Ratio Rank: 83
PHYS Calmar Ratio Rank: 83
PHYS Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IAU vs. PHYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Sprott Physical Gold Trust (PHYS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	IAU	PHYS	Difference
Sharpe ratio Return per unit of total volatility	1.80	1.67	+0.14
Sortino ratio Return per unit of downside risk	2.24	2.05	+0.19
Omega ratio Gain probability vs. loss probability	1.33	1.31	+0.02
Calmar ratio Return relative to maximum drawdown	2.69	2.52	+0.17
Martin ratio Return relative to average drawdown	9.97	9.16	+0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAU vs. PHYS - Sharpe Ratio Comparison

The current IAU Sharpe Ratio is 1.80, which is comparable to the PHYS Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of IAU and PHYS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IAU	PHYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.67	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.24	1.18	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.83	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.47	+0.17

Correlation

The correlation between IAU and PHYS is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IAU vs. PHYS - Dividend Comparison

Neither IAU nor PHYS has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

IAU vs. PHYS - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum PHYS drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for IAU and PHYS.

Drawdown Indicators

	IAU	PHYS	Difference
Max Drawdown Largest peak-to-trough decline	-45.14%	-48.16%	+3.02%
Max Drawdown (1Y) Largest decline over 1 year	-19.18%	-19.35%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-20.93%	-21.80%	+0.87%
Max Drawdown (10Y) Largest decline over 10 years	-21.82%	-23.75%	+1.93%
Current Drawdown Current decline from peak	-13.20%	-13.41%	+0.21%
Average Drawdown Average peak-to-trough decline	-15.98%	-21.07%	+5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	5.33%	-0.15%

Volatility

IAU vs. PHYS - Volatility Comparison

iShares Gold Trust (IAU) and Sprott Physical Gold Trust (PHYS) have volatilities of 11.02% and 11.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAU	PHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.02%	11.34%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	24.11%	25.16%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	27.62%	28.55%	-0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	18.02%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.82%	16.25%	-0.43%